Arizona Real Estate License Practice Exam 2026 - Free Real Estate Practice Questions and Study Guide

A listing agreement is the correct choice because it establishes the relationship between a seller and a real estate agent. This contract typically outlines the terms under which the agent will be compensated, including any retainer fees. A retainer is often an upfront fee that secures the agent's services and may be applied toward their commission once the property is sold.

In contrast, a purchase contract primarily deals with the terms of buying a property, such as price, contingencies, and closing details, without addressing agent compensation directly. A counteroffer is a response to an initial offer that modifies some of the terms but does not pertain to agent fees. An addendum is intended to add terms to an existing agreement but also doesn’t specifically cover the payment of retainers. Therefore, the listing agreement is specifically tailored to define the financial arrangement between the seller and the agent right from the start of their professional relationship.